VAT Implementation Services

Expert's Services for Successful VAT Implementation

VAT has been launched in Oman from October 2020. VAT (Value Added Tax) is a type of indirect tax but it is also referred to as a type of consumption tax. It is levied by businesses on supply of goods and services to customers. Therefore, businesses with a specified annual turnover of as per the Oman VAT law need to implement VAT compliant systems into their business operations.

GCCA provides VAT implementation services to businesses operating in Oman. Our VAT implementation services ensure that your accounting system is fully compliant with Oman VAT regulations and accounts for VAT on all the business transactions.

In order to comply with the requirements of the Oman VAT law, we provide complete guidance and consultancy services to the organizations with regards to developing a strategy to implement VAT compliant systems into their business operations.

• GCCA approach and Methodology :
  • (1) Analysis and Understanding of the business model: involves VAT experts gather information to have an understanding of the organization's business model and existing systems to develop an effective VAT implementation strategy for the entity.
  • (2) Assessment of the impact of VAT on the Business: Our consultants will assess the impact of applicable VAT provisions on the organization's business operations and systems. This also provides the organization to identify critical areas that will require specific attention during the process of implementing VAT compliant systems.
  • (3) VAT Registration: We provide organizations with advice and support to complete the VAT registration process. We also advise our customers regarding whether the entity is exempt from VAT and other options under the VAT law.
  • (4) Capacity Building and allocation of VAT related work: We help organizations to build the group of staff who will ultimately carry on the work related to VAT. We ensure proper handholding so that the customer can conduct its business operations in accordance with the relevant VAT regulations.
  • (5) VAT Training for the staff: As part of our strategy to implement VAT compliant processes and systems, we conduct detailed training sessions for the clients' staff. The training sessions comprises training on general overview, application of VAT for different complex business scenarios and understanding of VAT impact on different types of business transactions.
  • (6) VAT Compliant Accounting Systems: Our consultants will analyze the accounting system currently used by the customer. A Gap Analysis will be conducted to depict the changes required in the existing system to make the system VAT complaint. Recommendation will be provided for a new chart of accounts suitable for the VAT transactions.
  • (7) Invoicing under VAT: Our consultants will provide with proper guidance regarding invoicing under the new VAT system. Proper training and awareness will be provided to all the departments connected with sales as to how to invoice customers as per the provisions of the Oman VAT law.
  • (8) Changes in ERP / IT System: Organizations will require to make changes to its invoicing, accounting and other processes to ensure compliance with VAT regulations. Our consultants and experts will provide detailed training and guidance on the required changes to be incorporated in the business processes and standard operation procedures and the ERP / IT Systems for adopting a VAT compliant IT system to support compliance with the regulations.